The National Bank of Dominica Ltd. is a
financial services
Financial services are the Service (economics), economic services provided by the finance industry, which encompasses a broad range of businesses that manage money, including credit unions, banks, credit-card companies, insurance companies, acco ...
firm in headquartered in
Roseau, Dominica. It is the largest financial institution in the
Commonwealth of Dominica. The bank was set up in 1978 as a
state owned bank and was privatized in 2003. It was named 2022 Bank of the Year by the
Eastern Caribbean Central Bank
The Eastern Caribbean Central Bank (ECCB) is the central bank for the Eastern Caribbean Dollar, Eastern Caribbean dollar and is the monetary authority for the members of the Organisation of Eastern Caribbean States (OECS), with the exception of ...
(ECCB).
History
The bank was created by Act No 27 of 1976 by the
Parliament of Dominica (under the name ''National Commercial and Development Bank of Dominica''). It officially opened for business on March 15, 1978 with the ''Agricultural Industrial and Development Bank'' (AID) bank as a wholly owned subsidiary.
In January 1982, the AID
development bank
A development financial institution (DFI), also known as a development bank or development finance company (DFC), is a financial institution that provides risk capital for economic development projects on a non-commercial basis.
, total commitme ...
was made a separate and independent entity.
In 1994, the bank invested in ''National Commercial Bank of Grenada'', jointly, with two other Organization of Eastern Caribbean States (
OECS) indigenous banks to own 12.5% of that bank. An investment in the ''Caribbean Credit Card Corporation'' for the issuance and processing of local and international credit cards was also made. Additionally, the Bank acquired shares in the newly privatized ''
LIAT
LIAT (1974) Ltd, also known as Leeward Islands Air Transport Services and operating as LIAT, is a regional airline headquartered in Antigua and Barbuda that operated high-frequency inter-island scheduled services to 15 destinations in the Caribb ...
(1974) Ltd'' and ''East Caribbean Home Mortgage Bank''.
By letter dated October 10, 2003, National Commercial Bank of Dominica was advised by the Government of Dominica of its decision to divest itself of its majority holding in the National Commercial Bank (NCB). This was part of Government of Dominica's strategy to privatize NCB. This decision meant that the NCB Act Chapter 74:02 was repealed and a new company, the National Bank of Dominica Ltd was incorporated to succeed the NCB.
References
External links
ECCB Press ReleaseGRAVITAS press release
{{DEFAULTSORT:National Bank Of Dominica
Economy of Dominica
Banks of Dominica
Roseau